UKOIL's Slippery Slope Heads Towards $60 Before New ATH of $500+

TVC:UKOIL   CFDs on Brent Crude Oil
Based on analysis of UKOIL's all-time chart from year 18xx, I believe it to be in a massive Flat correction. With Wave A of the Flat stretching down from $145 to $16, this gives implication that Wave B is likely to move up to the range of $331-$557, likely before the year 2030 arrives. RSI divergence on the monthly chart should also be present during the anticipated run to an ATH. If so, this will confirm a very deep and sharp move to follow.
Big res waiting near $83

The drop from $80 to $60 will be a major opportunity for profits. Are you ready to surf?

With no break above $87.33, we should expect UKOIL to drop very near to $60.

$60 by May 22nd?!

My previous markups suggested that UKOIL would see the $60 range and also that it would/should provide adequate support for a higher run into the $100 range and beyond. Real world price action has negated this idea and given signal that while my longer term perspective may yet be accurate, in the meantime, it is very likely that UKOIL will drop below $30 (more precisely near $25) over the next 1-2 years.

My previous markup was made under the presumption that Wave B had concluded at the 0.38 (38% retracement) fib level but this was not the case as Wave A was not and is currently not done.

Experts and media have been drawn to predict that the $100 mark may come soon or even in 2023 however, I believe that to be false based on my chart reading/wave count.

When the time comes, $100 will not be high enough. I can see UKOIL jumping up above $300 in due time but the time is not now. Bears should control UKOIL's momentum for majority of the next 2 years.

Join me on the waves, where its safe.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.